M&A Deal Summary

Turnspire Capital Partners Acquires Crane Carrier

On January 3, 2019, private equity firm Turnspire Capital Partners acquired automotive company Crane Carrier from Hines

Acquisition Highlights
  • This is Turnspire Capital Partners’ 1st transaction in the Automotive sector.
  • This is Turnspire Capital Partners’ 4th transaction in the United States.
  • This is Turnspire Capital Partners’ 1st transaction in Ohio.
Investment Fate
  • Crane Carrier was sold to a strategic buyer in 2021.

M&A Deal Summary

Date 2019-01-03
Target Crane Carrier
Sector Automotive
Buyer(s) Turnspire Capital Partners
Sellers(s) Hines
Deal Type Divestiture

Target

Crane Carrier

New Philadelphia, Ohio, United States
Crane Carrier is a provider in the vocational truck industry, providing custom, severe-service chassis, and purpose-built vehicles for the refuse and recycling, infrastructure maintenance, ground support, agriculture, and oil and gas markets under the Crane Carrier Company and Crane Carrier Company Engineered Chassis brands. Crane Carrier was founded in 1953 and is based in New Philadelphia, Ohio.

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Buyer(S) 1

DESCRIPTION

Turnspire Capital Partners is a private investment firm focused on acquiring North American companies that have reached 'strategic, operational, or financial inflection points' with their business and could benefit from a hands-on investor. Turnspire will consider a variety of transaction situations, including special situations, corporate carve-outs, and family transitions. Sectors of interest include aerospace/defense, automotive, machinery, chemicals, consumer, building materials, food/beverages, logistics, metals, packaging, and plastics. Prospective companies generally have revenues of $50 to $400 million. Turnspire Capital Partners was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 4 of 16
Sector: Automotive M&A 1 of 3
Type: Divestiture M&A Deals 2 of 8
State: Ohio M&A 1 of 2
Country: United States M&A 4 of 15
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-22 LMI Solutions

Phoenix, Arizona, United States

LMI Solutions is a manufacturer and distributor of toner cartridges. The Company offers print cartridges, fusers, drums, maintenance kits, color toners, universal cartridges, refurbished printers, packaging, and labeling products. LMI Solutions was established in 1992 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-17 LMI Solutions

Phoenix, Arizona, United States

LMI Solutions is a manufacturer and distributor of toner cartridges. The Company offers print cartridges, fusers, drums, maintenance kits, color toners, universal cartridges, refurbished printers, packaging, and labeling products. LMI Solutions was established in 1992 and is based in Phoenix, Arizona.

Sell -

Seller(S) 1

SELLER

Hines

Spring Lake, Michigan, United States

Category Company
Founded 1985
Sector Automotive
DESCRIPTION

Hines Corp. is a designer, manufacturer and sells heavy-duty truck chassis, complete vehicles and aftermarket parts for specialty markets. Hines Corp. was founded in 1985 and is based in Spring Lake, Michigan.


DEAL STATS #
Overall 1 of 1
Sector: Automotive M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: Ohio M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-03 Crane Carrier

New Philadelphia, Ohio, United States

Crane Carrier is a provider in the vocational truck industry, providing custom, severe-service chassis, and purpose-built vehicles for the refuse and recycling, infrastructure maintenance, ground support, agriculture, and oil and gas markets under the Crane Carrier Company and Crane Carrier Company Engineered Chassis brands. Crane Carrier was founded in 1953 and is based in New Philadelphia, Ohio.

Buy -